Mid-Day Update – Update

Stocks rallying on word that debt compromise offered by “Gang of 6” Senators got favorable comment from President Obama and some legislators. Plan is to cut $4 trillion over next 10 years “finalized in a seperate piece of legislation” which makes me nervous. VIX not as nervous as yesterday, currently at 19.12, off 1.83. DJIA up 217, SPX higher by 22 and NDX gains 57 points.

Good option volume today – next event is AAPL earnings after the close. McMillan blog (scroll down for his article from Friday) points to VIX 18 level as one to watch, re-read the piece.